‘AMCON can’t recover N5.4tn debt without judicial support’

The Chief Judge of Federal High Court, Abuja Division, Justice Adamu Abdu Kafarati, has reiterated the need for judges in the country to support the debt recovery efforts of the Asset Management Corporation of Nigeria since it was established as a central element of the government’s response to financial crisis in the country.

Justice Kafarati made the remarks on Friday at the National Judicial Institute, Abuja when he addressed Federal High Court judges at an interactive session between the f NJI, AMCON and the judges.

Describing AMCON’s assignment to recover over N5tn for the country as a national assignment that must be supported by all stakeholders, especially the judiciary, the chief judge also highlighted the crisis that would have hit the Nigerian economy if the government did not establish AMCON at the time it did.

AMCON coming to save the banks in Nigeria cannot be over-emphasised, so the corporation must be supported firmly by the judicial processes to recover the outstanding debts, because AMCON also borrowed money to rescue the banks, he stated.

He said, “My Lords, banks are drivers of the economy as they supply its oxygen. That is why during the 2008/2009 financial crisis in Nigeria, partly triggered by global financial crisis, and partly by domestic activities, the government intervened to support the banks by bailing them out in order to allow the financial system to continue functioning.”